December 31, 2022 Business Compliances, Businesshub, GST, Startup
Frequently Asked Questions
1. How do I apply for Composition Scheme if I am already registered as a regular taxpayer?
To opt for the Composition Levy, perform the following steps on the GST portal:
Log in to the Taxpayers’ Interface
Go to Services > Registration > Application to Opt for Composition Levy
Fill the form as per the form specification rules and submit
2. How do I convert from regular to composition scheme in GST?
Any taxpayer who is registered as normal tax payer under GST needs to file an application to opt for Composition Levy in Form GST-CMP-02 at GST Portal prior to the commencement of financial year for which the option to pay tax under the aforesaid section is exercised
3. When can I opt for the Composition Levy?
In order to avail this scheme, you need to file an online application to Opt for Composition Levy with the tax authorities. Taxpayers who can opt for this scheme can be categorized as below:
New Taxpayers: Any person who becomes liable to register under GST Act, after the appointed day, needs to file his option to pay composition amount in the Application for New Registration in Form GST REG-01.
Existing Taxpayers: Any taxpayer who is registered as normal tax payer under GST needs to file an application to opt for Composition Levy in Form GST-CMP-02 at GST Portal prior to the commencement of financial year for which the option to pay tax under the aforesaid section is exercised.
